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Trusts

Trusts used to be thought of as something for the rich, a way of passing assets through the generations and avoiding tax. This is no longer the case.

So, what is a trust?

A trust is a document which enables one person (known as the Settlor) to transfer assets to another person (known as the Trustee) to look after for the benefit of someone else (known as the Beneficiary).

An example of a simple trust would be where monies are left to a child in a Will but they cannot have the money until they reach the age of 18. During this time the trustees have an obligation to look after the money for the benefit of the child. The trustees would usually be allowed to pass money on to the child's guardian for the benefit of the child whilst at the same time retaining control of the asset.

The Trustees are the people who look after the assets in the Trust. When the trust is in your Will, then the Trustees are often also your Executors.

Trustees have various obligations which they must meet. Their role is a very important one, not only because you are placing reliance on them to carry out your wishes, but also because of the fiduciary duties which they have. A trustee is under an obligation to ensure that the trust's assets are safeguarded and must ensure that they act with reasonable care at all times. This role is a very important one and you should think carefully about who you entrust this role too.

Trusts are used for a number of reasons, including Asset Protection, Tax Planning, protection in second marriages, as well as providing for children or young beneficiaries. A Trust can be put in place during your lifetime to take effect straight away or can be incorporated into your Will, depending on what your wishes are.

Trusts can be very complex documents but can also be essential in order to ensure that the best possible solution is offered to all your concerns. Whether you need help establishing a new trust, or administering an existing trust our team are here to help.

It is essential to take professional advice before entering into a trust as there can be tax implications of placing assets within trusts.

For more information, why not click the links below or download one of our helpful guides

Alternatively, give us a call on 01302 341414 (Doncaster) and 0114 272 1884 (Sheffield) and our friendly team will be happy to have a chat with you.

What type of trusts are available?

There are numerous types of trust available, the most common types are:

Trusts

Need help with a Trust? 

Call our team today

01302 341 414 0114 272 1884
Wills, Probate and Trust Team Lead by Partners, Stephen Coates and Lauren Smith our Wills, Probate and Trusts team will help you plan for the future and protect your assets Meet the team
As Taylor Bracewell were holders of my mothers will, after she passed away at the end of January we asked them to deal with the probate on her estate, and also the conveyancing on her property. They dealt with both aspects very professionally, quickly and with utmost kindness, support and friendliness by Sue Fletcher, during a sad and difficult time for us. We would certainly use your services again. If anything proved difficult for us to understand, they were able to explain it and answer any queries quickly by phone and or email. Thank you both for everything. Mr & Mrs Garrett opening-speachmarks closing-speachmarks
We have been involved with Taylor Bracewell for the last 5 months, following the sudden death of a close relative. Probate was obtained quickly and efficiently, all the same with the conveyancing of his property. All the way through, we have been well informed of the legal requirements, and always kept up to date with progress. You have helped us greatly through this very difficult time and we really appreciate this. Special thanks to Sue Fletcher. Many thanks for your kindness. Mr & Mrs Newman opening-speachmarks closing-speachmarks
Very pleased with the service I received. On reflection I will alter the 4 marks to 5. Thank you for a job well done. Mr & Mrs Bryan opening-speachmarks closing-speachmarks
Really quick and polite service. Have already recommended to friends. Mrs Goulding opening-speachmarks closing-speachmarks
I found Sarah very easy to talk to she explained everything very well. It was quick and easy and no complications. Thank you. Mr Sheridan opening-speachmarks closing-speachmarks

Contact Our

Wills and Probate Team

If you are looking for legal experts to help you with your Wills, Probate or Trusts needs, our team will give you a call back at the earliest opportunity. Alternatively, you can call our Doncaster office on 01302 341414 or our Sheffield office on 0114 272 1884
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